EQS-News: NeXR Technologies and EyeFitU launch avatar-based size-as-a-service solution for fewer returns and more sustainability in the fashion industry

NeXR Technologies and EyeFitU launch avatar-based size-as-a-service solution for fewer returns and more sustainability in the fashion industry

Berlin, October 5, 2022

NeXR Technologies SE (XETRA: NXR), a company developing metaverse solutions based on the usage of life-like avatars, announces its cooperation with EyeFitU AG, a Size-as-a-Service AI software company for fashion retailers. EyeFitU is already a part of Microsoft for Start-ups, Oracle Commerce Cloud, and is available on the Shopify App Store. The goal of the two partners cooperative effort is to offer customers in the fashion industry precise, customized size recommendations, thereby increasing customer satisfaction, reducing returns and as a result, also contributing to more sustainability in the fashion industry.

As online shopping continues to grow, one challenge the fashion industry is facing more frequently is the increasing number of returns on ill-fitting clothing. According to a report by Shopify, returns based on consumer preferences (e.g., size, fit, style, etc.) typically account for around 72 percent of all returns for apparel retailers. As in-store experiences become a go-to strategy for fashion retailers, individualization at scale on all channels impacts their net revenues.

Size-as-a-Service with body scanning technology

NeXR addresses this problem by partnering with EyeFitU to combine NeXRS 3D body scanning technology with EyeFitUs  patented SizeEngine^TM to find the right size of a garment. Customers can have themselves scanned at a partner store, e.g., at H&M, to create a true-to-life avatar which will be stored in the app along with his body measurements. By scanning the barcode of a particular garment, the customer will receive a recommendation of the best fitting size based on the body measurements. At a later stage, the customer will also be able to try on various garments on the avatar. The API-powered connectivity of the joint solution enables the omnichannel-retailing over mobile, web, and on-premises.

By using high-resolution body scanning technologies, NeXR is able to create perfect digital replicas and develop customized solutions by collecting valuable data for the fashion industry, among others. The body scanner can be set up in the stores and be readily used by customers, so that the overall customer experience is elevated and made altogether more exciting, in-store as well as online.

Sustainability in the fashion industry

The combination of EyeFitUs SizeEngine^TM together with NeXRs avatar solution offers improved personalization, leading to an increase in online conversions, a decrease in returns, and higher profitability for apparel companies. Lower return rates have a direct impact on necessary efforts toward sustainability and result in less transport, reprocessing, and waste, as well as better inventory management and lower handling costs. The omnichannel products suite (POS, CDP, and MarCom enhancement) enables a 360-degree customer view.

Markus Peuler, CEO of NeXR Technologies explains, EyeFitU is a valuable partner for us due to their position in the market and therefore we are especially pleased to be able to complement their Size-as-a-Service offering with our 3D body scanning technology. The demands on retailers have increased immensely and we plan to develop further body-fitting products together with EyeFitU in the future. The potential that arises here with regards to increasing efforts toward more sustainability is especially great.

Isabelle Ohnemus, CEO of EyeFitU, adds, With the extremely precise scan data we receive from NeXR, we can deliver to our customers the ideal shopping experience with custom-fitting down to the millimeter - with no returns, but only fashion that just fits perfectly.

In the future, the two companies also intend to work more closely together and further expand their product range in the field of virtual fitting.

About NeXR Technologies

NeXR is an international technology company based in Berlin that enables people and companies to enter the metaverse. With its broad technological expertise, NeXR is able to harness the full potential of VR, AR, motion capture, and digital avatars. NeXR implements digital projects in three areas: extended reality development, high-end avatar creation and live productions with innovative motion capture technology. Utilizing high-resolution body scanning technologies, NeXR is able to create perfect digital replicas and generate valuable data to develop customized solutions from realistic online shopping to bespoke sports equipment. In addition, through novel extended reality technologies, NeXR has created interactive digital spaces that are far more than mere experiences and have the potential to transform industries alike.

For more information, please visit www.nexr-technologies.com.

About EyeFitU AG

EyeFitU is headquartered in Zürich, Switzerland, and has offices in the USA. It is an AI software company which has developed a multi-patented SizeEngine^TM platform and services the worlds leading fashion brands globally. The company has state-of-the-art AI knowledge and is founded by serial entrepreneurs. Its omnichannel product suite enables retailers a 360 degrees customer view. EyeFitU has won multiple awards and such as Red Herring 100, Drapers Digital, and Noah.

For further information, please contact:

NeXR Technologies SE
Sven Pauly, CROSS ALLIANCE communication GmbH

sp@crossalliance.de
www.crossalliance.de

Phone: +49 (0) 89 125 09 03-31